Mitsubishi Set to Announce Innovative American Lineup in Upcoming Spring

Feb 15, 2024 04:25 AM EST

A SELECTIVE FOCUS ON FRONT VIEW OF A SPORT CAR MISTUBISHI — (Photo : https://www.pexels.com/photo/a-selective-focus-on-front-view-of-a-sport-car-9983460/)

Mitsubishi plans to expand on the Outlander's success by revealing a 5- to 7-year product strategy for North America in the coming spring. Although exact specifics are few, Mark Chaffin, the head of Mitsubishi North America, sees 2024 as a watershed moment in Mitsubishi's continuing transition, highlighting the importance of product development in hastening the brand's change.

Mitsubishi New American Line Up

As reported by CarScoops, in discussions with Auto News, Mitsubishi dealers observed that the company is experiencing customer loss due to gaps in its product range. One dealer stated that the primary concern for dealers has been the absence of a comprehensive product strategy.

Their lineup has noticeable gaps, leading to customers switching brands, especially due to the absence of a larger crossover. Moreover, Chaffin mentioned that the company requires additional time to finalize its future portfolio. Meanwhile, Mitsubishi plans to boost advertising expenditure by 15% this year. It targets a 5% increase in its U.S. sales.

Chaffin emphasized that the investments are aimed at generating sales opportunities for their dealerships. He highlighted January's market share growth, particularly for the Outlander model, along with a significant rise in customers with high FICO scores choosing Mitsubishi.

Furthermore, the Mitsubishi CEO expressed the brand's commitment to enhancing dealer profitability this year. They are collaborating with the dealer board. They are exploring strategies to improve dealership performance.

Mitsubishi announced around a year ago that it would offer 16 new vehicles. They want this possible over the next five years. Internal combustion engines (ICEs), hybrids, and battery-electric vehicles are among the lineup. But it is uncertain if any of these will be available in the United States.

Mitsubishi's Digital Retail Program

According to PYMNTS, on Monday, February 5, Mitsubishi Motors North America, Inc. (MMNA) presented its latest online offering. It's known as ClickShop 2.0. This aimed to seamlessly connect the car-buying experience across its digital platforms and dealer websites to its physical showrooms. The company claims that this will save vehicle purchasing time by 70%. This launch is a collaboration between AutoFi, an automotive sales and finance technology business, and Santander Consumer USA, a consumer finance institution that specializes in vehicle financing.

The program empowers consumers to peruse available vehicles within their financing parameters through a soft credit inquiry. Upon visiting the dealership, these pre-qualified customers can seamlessly pick up their purchasing journey with the AutoFi showroom solution, streamlining the finalization of the sale.

Increasingly, digital technologies are becoming integral to the acquisition of high-value items. According to insights from the August 2023 edition of the PYMNTS Retail Tracker® Series Report, 67% of luxury shoppers advocate for greater digital integration in stores. Some consumers are even comfortable purchasing homes online, underscoring the expanding role of digital platforms in significant transactions.

The report cited that as per data referenced in PYMNTS Intelligence's 2022 research titled "The Key To Satisfied Car Buyers Is Digital Disbursements," produced in partnership with Onbe as part of the Expanding Payments Choice Playbook Series, a significant 72% of interactions with automotive customers are conducted digitally. Furthermore, further examination outlined in the report indicates that 78% of individuals who bought cars online expressed high satisfaction with the process, with only a mere 3% expressing reluctance to repeat the experience.